11.20.18
Brady Corporation reported its financial results for its fiscal 2019 first quarter ended Oct. 31, 2018.
Earnings before income taxes increased 14.8% to $39.9 million for the quarter ended Oct. 31, 2018, compared to $34.8 million in the same quarter last year. Net earnings for the quarter were $30.6 million compared to $25.8 million in the same quarter last year. Net earnings per diluted Class A Nonvoting Common Share were $0.58 for the first quarter of fiscal 2019, compared to $0.49 in the same quarter last year.
Sales for the quarter ended Oct. 31, 2018, increased 1.0%, which consisted of organic sales growth of 4.7%, a decrease in sales of 2.0% from foreign currency translation, and a decrease in sales of 1.7% from the divestiture of a business in the fourth quarter of fiscal 2018. Sales for the quarter ended Oct. 31, 2018, were $293.2 million compared to $290.2 million in the same quarter last year. By segment, sales increased 4.0% in Identification Solutions and decreased 6.6% in Workplace Safety, which consisted of organic sales growth of 5.7% in Identification Solutions and organic sales growth of 2.2% in Workplace Safety.
“Our investments to increase organic sales growth through the development of innovative new products and to provide increased value to our customers is paying off as we reported 4.7% organic growth this quarter, which marks our sixth consecutive quarter of organic sales growth,” said J. Michael Nauman, Brady’s president and CEO “This quarter also represents our thirteenth consecutive quarter of year-over-year pre-tax earnings growth. We expect this positive organic sales trend to continue as we invest in new product development in our global businesses and as our Workplace Safety business returns to consistent organic sales growth.”
“We used our cash generation this quarter to increase our investments in research and development and capability-enhancing capital expenditures while returning funds to our shareholders through dividends and further strengthening our balance sheet. We finished in a net cash position of $137.8 million as of October 31, 2018,” Brady CFO Aaron Pearce said. “We’re experiencing increased costs in certain areas, making our focus on driving efficiency improvements and making investments in equipment and machinery to increase automation our top operational priorities.”
Earnings before income taxes increased 14.8% to $39.9 million for the quarter ended Oct. 31, 2018, compared to $34.8 million in the same quarter last year. Net earnings for the quarter were $30.6 million compared to $25.8 million in the same quarter last year. Net earnings per diluted Class A Nonvoting Common Share were $0.58 for the first quarter of fiscal 2019, compared to $0.49 in the same quarter last year.
Sales for the quarter ended Oct. 31, 2018, increased 1.0%, which consisted of organic sales growth of 4.7%, a decrease in sales of 2.0% from foreign currency translation, and a decrease in sales of 1.7% from the divestiture of a business in the fourth quarter of fiscal 2018. Sales for the quarter ended Oct. 31, 2018, were $293.2 million compared to $290.2 million in the same quarter last year. By segment, sales increased 4.0% in Identification Solutions and decreased 6.6% in Workplace Safety, which consisted of organic sales growth of 5.7% in Identification Solutions and organic sales growth of 2.2% in Workplace Safety.
“Our investments to increase organic sales growth through the development of innovative new products and to provide increased value to our customers is paying off as we reported 4.7% organic growth this quarter, which marks our sixth consecutive quarter of organic sales growth,” said J. Michael Nauman, Brady’s president and CEO “This quarter also represents our thirteenth consecutive quarter of year-over-year pre-tax earnings growth. We expect this positive organic sales trend to continue as we invest in new product development in our global businesses and as our Workplace Safety business returns to consistent organic sales growth.”
“We used our cash generation this quarter to increase our investments in research and development and capability-enhancing capital expenditures while returning funds to our shareholders through dividends and further strengthening our balance sheet. We finished in a net cash position of $137.8 million as of October 31, 2018,” Brady CFO Aaron Pearce said. “We’re experiencing increased costs in certain areas, making our focus on driving efficiency improvements and making investments in equipment and machinery to increase automation our top operational priorities.”